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Elliott wave analysis of EUR/JPY for November 2 - 2015


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Wave summary:

We continue to look for a little more correction higher in red wave 2, before a strong decline in red wave 3 lower to 125.99 and ideally lower to 119.90 is expected. Red wave 2 will ideally find resistance near 133.64, but could even make it higher to 134.55 if wave c extends.

Only a break below support at 132.16 indicates that red wave 2 already is over and red wave 3 lower is developing.

Trading recommendation:

We will keep our selling order at 134.50 for now.

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